Three months after revealing he’s stepping down from his day-to-day co-CEO role at Netflix to become executive chairman at the streaming giant, Reed Hastings is investing more in time off. Specifically, he bought an interest in a ski resort.
The mogul purchased an ownership stake in Utah’s Powder Mountain, an 8,464-acre property with 154 ski runs, the resort said Monday, describing the exec and his wife as “enthusiastic” snowboarders. Hastings acquired the interest of Elliott Bisnow and co-founders of the Summit Series. The terms of the deal have not been disclosed.
Hastings stated that his wife “Patty and I love this mountain community and want to see it flourish. We look forward to being a part of Powder Mountain’s future and helping protect what makes this place special. We also look forward to funding some elevator upgrades, restaurants, and improved parking! The Netflix exec also gets a seat on the resort’s five-member board.
The ski resort’s majority owner remains financier Greg Mauro, founder of Learn Capital, who bought Powder Mountain in 2013 in what was announced at the time as a $40 million deal. The ski area is located about an hour outside of the state capital, Salt Lake City.
Hastings received a $34.65 million reward package from Netflix in 2022 and will earn a similar amount for 2023, the company announced in a December securities filing. Early this year, he announced that he was transitioning from his role as co-CEO alongside Ted Sarandos to executive chairman and elevating COO Greg Peters to the new co-CEO.
“I will assist Greg and Ted and, like any good chairman, be a bridge from the board to our co-CEOs,” Hastings wrote in a Jan. 19 statement. “I will also spend more time on philanthropy and continue to focus on doing well for Netflix stock.”
The exec’s deal for a stake in Powder Mountain was revealed a day before Netflix reports its post-market first-quarter results. After a dramatic plunge in 2022, the streaming giant’s stock is up 12 percent as of April 17 to $332.72 per share.